Update: I’ve posted all my favourite models from this book. If you’ve been following, you’ll have already picked up a copy for yourself. It’s a quirky and fun little toolbox. Passing the torch on this one tomorrow! Hope you’ve enjoyed the posts ;]
A friend of mine just gifted me one of the quirkiest books: The Decision Book by Mikael Korgerus and Roman Tschäppeler.
The book is concise and packed with gift best decision making models that you can use at school, at work, or for your own personal decision making.
The decision book is split into four parts: Models for self improvement, models for self awareness, models to understand others better, models to help improve others.
I have already used two of the models in the book: The Rubber Band model to help a friend make a decision on two very attractive offers, and the Eisenhower model to help me manage my time better. I’ll be posting about those two models soon!
I’m enjoying this book so much that I’m going to start posting my favourite models from it – no mind mapping this time and long posts.
The Thank You Economy was a fun and insightful read – thanks to the anecdotal and charismatic style of writing. I only wish this book was around 4 years ago when we were trying to make convincing arguments for Social Media.
If you are in a rush here’s the verdict up front: If you are convinced that businesses should be investing in Social Media marketing, this book will reinforce your convictions. If you or anyone else in your company are not, pick this book up.
I will try and keep the summary short, for details refer to the detailed mind map. The summary mind map is linked below and you can get quite a good grasp of the concepts covered in the book from it.
What is the Thank You Economy?
Vaynerchuk explains that the Thank You Economy is a paradigm shift in the way brands are consumed. This shift is a result of a cultural change in consumer behaviour enabled by the emergence of web technologies that facilitate consumer to consumer interactions. These changes effectively reversed the onus of brand communication from businesses to consumers. The concept of the Thank You Economy rests on these changes; where businesses have to steer communications in an environment shaped by consumers.
Vaynerchuk sets out to achieve 4 goals in this book:
Vaynerchuck does touch on all four points, but at the end of this book, there is still much to be desired insofar as concrete and applicable tools are concerned.
How to win in The Thank You Economy
If you skip to the end of the book, you get the bread and butter in a nice two page summary:
After reading these points, the first thought that came to mind was: “No shit, Sherlock!” – but that comes with an extreme bias … I am already convinced of social media’s prominence, and well read on the topic of marketing and customer experiences. Unfortunately, this is still news to some people!
This section I liked in particular, which is why I am separating it out. It is more important to know what not to do than what to do – it is better to do nothing than to do the wrong thing in my opinion, especially with a sensitive matter such as your company’s brand.
Now I know if you’re in marketing, you’re shouting at the top of your lungs “YES! YES! YES!!” like a Herbal Essences commercial – this stuff is real!
Read this with a knowledge that I have an extreme bias – I am already well aware and convinced of the effect social media will have on the way businesses of all sizes and types work.
Half way through reading the Thank You Economy I realised that it was not going to add any value to what we already know about social media. I was looking for tools and take aways, and this book delivers none. What it does deliver however, are some priceless anecdotes – well organised and critically analysed in a section of their own.
Another positive point for the Thank You Economy is that it reinforces beliefs with incidents and cases – and like Gary says in the first section of this book; customer experiences are incidental “honest moments” where businesses show their true colours.
I would take this book, and do as Gary Vaynerchuk recommends: put it on your CEO’s desk with a sticky note that says “Social Media: You’re doing it wrong. Read.”
Recently I ordered a stack of books from Amazon.com around three topics of interest – one of which was Social Media.The shipment arrived in the brown box with red and white adhesive tape labelled “Aramex”.
Jim Sterne’s Social Media Metrics is the first of the books on Social Media. I will go into some level of detail but for the casual readers, here is a quick appraisal of the book and its contents:
While I appreciate the effort the author made in compiling useful content and presenting in a single book; style, grammar and coherency were totally lacking. I found myself cringing as my eyes passed over almost every word.
Right so that’s the laundry list of positives and negatives. The bottom line is that this book provides a good kick off point for marketing managers who have already accepted the importance of social media, appreciate a need to measure performance on social media, but have no clue about what sort of metrics are applicable.
The book, however, will not give you a sword and shield that you can take into the executive board room and battle for a budget to execute your next big social media campaign. The book will however tell you that you need a sword and shield … and the sword has to be ironclad … and the shield need bullet and dragon-breath proof … then will wish you good luck on your adventure.
Would I recommend the book – yes.
Would I use this book as a reference tool to measure a campaign launch – no.
Summary of Concepts
You can click on the thumbnail to download a simplified mind map of the core concepts in this book. You can optionally click here to download the entire map in detail – the image is approximately 1.3 megabytes. Each node and the value from each concept will briefly be discussed.
Identify your goals
There are three main goals to any social media effort:
In juxtaposition, Sterne offers a four step approach to realizing these goals:
These steps not special to social media, but are a prerequisite to any time based project. Identify your objectives and execute against those goals. It seems simple enough, but more often than not managers will miss a step and fumble.
I have some contention around the order of the approach – how can you get your customers to like you before engaging them? Sterne separates each step and does not provide insight on how to transition between each phase.
Sterne offers three categories of influences:
I quite like this taxonomy, it especially helps when analysing your networks. Sterne also touches on hubs and spokes of a network of relationships. Mapping relationships is more insightful when trying to identify impact than counting the sheer number of followers.
Listen to Conversations
Sterne identifies key areas in the social sphere to monitor and research:
What to look for in mining data:
It is also important to measure business outcomes from the monitoring exercises you undertake. How many ideas were implemented from a contribution on a social media channel? What was the revenue that idea generated? That revenue should be attributed to social media management.
Sterne details 8 degrees of listening an organizations evolves through:
Sterne suggests that sentiment is probably the most complex item to measure and is made up of three variables:
Sterne offers some insight into measuring sentiment and provides various tool. Perhaps the most useful reference Sterne provides is a link to Seth Godin’s article “When will they make fun of you?.
I recommend everyone takes a look at it. If I had a fils for every time I met an executive afraid of engaging in social media because the prospects of a poor review were daunting.
Triggering action is concerned with engaging customers wide and deep. The degree of engagement offered by stern is rudimentary at best but delivers the message – some people are more involved than others and its your job to get them more involved. The levels of engagement are:
Driving Business Outcomes
This is the crux of it all – Sterne could have left out everything else in the book and written an entire volume of books based on the concept in this chapter – measuring performance against business objectives. Sterne recommends starting with periodic performance averages, then introducing rations, and then creating channel specific performance indicators – e.g. key community indicators, key listening indicators, and social interaction metrics.
This concept was not given enough attention. A table of business outcomes presented along side and some empty metrics. There is however an earlier discussion on the ROI of blogging and Sterne offers a formula – BVIa that you can read more about here. Incidentally I have also purchased a book on Social Media ROI by Olivier Blanchard – hopefully that will provide more detail into this topic.
Getting Buy-in Internally
Sterne does a good job of covering a vital part of managing social media campaigns – convincing colleagues.
Sterne offers references to a wide set of free tools, paid tools, methods, and metrics throughout the book. Unfortunately the bibliography and link list is not comprehensive. You’ll find a list in the complete mind map.
Clearly the book has some great takeaways and serves a good jump point from accepting social media towards measuring efforts on social media channels. A good bang for your buck; but once you’re done reading it, take some quick notes then pass it on and educate someone else – you’ll never come back for more anyway.
Interested in buying Social Media Metrics? Get it from Amazon.com here.
~ of the three I’m looking forward to reading the works on Benefits.